CORRECTION -- Press Release for Early Warning Report Regarding Rubicon Organics Inc.

March 11, 2021 2:03 PM EST

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VANCOUVER, British Columbia, March 11, 2021 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by Eric Savics, please note that all references to 'sales' in the first paragraph were removed, and additionally in the fourth paragraph the language was changed from "Mr. Savics’ disposition was made for investment management purposes." to "Mr. Savics’ purchases were made for investment management purposes." The corrected release follows:

Eric Savics, of 505-744 West Hastings Street, Vancouver, BC, V6C 1A5, today announced that between December 17, 2020, the date of Mr. Savics’ previously filed Early Warning Report, and March 9, 2021, Mr. Savics made a series of purchases of common shares (“Common Shares”) of Rubicon Organics Inc. (“Rubicon”), a company with a head office at 505-744 West Hastings Street, Vancouver, BC, V6C 1A5, which resulted in Mr. Savics realizing a gain of 104,800 Common Shares. During this period Rubicon issued Common Shares from treasury pursuant to a bought deal public offering which resulted in a dilutive effect on Mr. Savics’ security holdings of Rubicon. The purchases of Common Shares occurred through the facilities of the TSX Venture Exchange at the prevailing price of the Common Shares at the time of each purchase.

As of December 17, 2020, the date of Mr. Savics’ previously filed Early Warning Report, Mr. Savics owned, directly or indirectly, or exercised control or direction over 9,593,189 Common Shares, 100,000 stock options (“Options”) each entitling the holder to purchase one Common Share, and 537,275 warrants (“Warrants”) each entitling the holder to purchase one Common Share. The 9,593,189 Common Shares represented approximately 19.76% of the total number of issued and outstanding Common Shares as of December 17, 2020. If all of his Options and Warrants were exercised, Mr. Savics would have owned, directly or indirectly, or exercised control or direction over, approximately 20.80% of the total number of issued and outstanding Common Shares on a partially diluted basis as of December 17, 2020.

As of March 9, 2021, Mr. Savics now owns, directly or indirectly, or exercises control or direction over, 9,697,989 Common Shares, 100,000 Options, and 537,275 Warrants. The 9,697,989 Common Shares represent approximately 17.48% of the total number of issued and outstanding Common Shares, resulting in a 2.28% change to Mr. Savics’ Common Share holdings. If all of his Options and Warrants were exercised, Mr. Savics would own, directly or indirectly, or exercise control or direction over, approximately 18.42% of the total number of issued and outstanding Common Shares, resulting in a 2.38% change to Mr. Savics’ Common Share holdings on a partially diluted basis as of March 9, 2021.

Mr. Savics’ purchases were made for investment management purposes. In accordance with applicable securities laws, Mr. Savics may, from time to time and at any time, acquire additional shares and/or other equity, debt or other securities or instruments (collectively, “Securities”) of Rubicon in the open market or otherwise, and reserves the right to dispose of any or all of his Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of Rubicon and other relevant factors.

For more information, or to obtain a copy of the subject early warning report, please contact:

Margaret Brodie
Chief Financial Officer
Phone: 1-437-929-1964
Email: ir@rubiconorganics.com 




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